11.   The company said earnings have been dragged down by high start-up costs as the company slowly expands outside the U.S.

12.   The derivatives losses themselves did not drag down earnings, because the bank chose to charge them against its reserve for bad loans.

13.   With all the high living, Safecard was burning through tens of millions of dollars, dragging down earnings despite growing revenues.

14.   Gillette spokesman Eric Kraus said marketing costs and unfavorable foreign exchange rates, particularly in Europe, also dragged down earnings.

15.   Blue-chips were worst hit as borrowing costs are expected to go up with increased interest rates while earnings are dragged down, dealers said.